Ethics and Compliance

Ethics and Compliance

Code of Ethics

Integrity
RFP Designees shall always act in the best interests of the client and with the public in general. They shall also act with the utmost degree of integrity in all professional engagements.Interpretive Notes
RFP Designees are responsible for behaving in a way that is professionally appropriate when serving his or her clients, the public at large and the MFPC. As guardians of the public trust and confidence, RFP Designees are required to use the uppermost degree of impartiality, integrity, and transparency in all professional dealings.

Transparency
RFP Designees shall stay transparent and impartial in all dealings, and shall explain clearly to clients the rationales where impartiality is compromised due to practical reasons.Interpretive Notes
A RFP Designee should uphold impartiality, honesty and shall disclose all conflicts of interest in the client-planner relationship. In instances where commitments to employers or principals make objectivity difficult, the RFP Designee is required to make it known to the client. In the course of performing his professional duties the RFP Designee shall make known to the client whether he or she is independent, representing a principal(s) or an employer.

Putting Client’s Interests First
RFP Designees shall put the client’s interests above their own interests at all times.Interpretive Notes
The RFP Designee is required to place the client’s interest above their own in all professional engagements with clients. The RFP Designee agrees to accept the responsibility that in situations where due to prejudicial influences or conflicts of interests, may affect objective judgments; he or she shall declare such influences or conflicts to clients and take actions that are appropriate in protecting the client’s interests.

Making the Code of Ethics Available to Clients
RFP Designees shall, upon request, provide a copy of this Code of Ethics and shall explain to clients the meaning of its provisions.Interpretive Notes
A RFP Designee should make available to the client a copy of the Code of Ethics (COE) and is capable of explaining how the COE functions in the professional relationship and what their obligations and role are within respect to the clients, his principal and the MFPC.

Continuing Professional Development
RFP Designees shall continue to develop themselves professionally and maintain relevancy and competence at a level required to serve his or her client professionally.Interpretive Notes
A RFP Designee shall continuously acquire, maintain and use the standards of knowledge and due care relevance to his role as a financial planning professional and to meet guidelines and rules set by the Authorities and relevant self-regulatory organizations.

Confidentiality
RFP Designees shall keep all client information confidential according to guidelines, practice standards and laws set by the relevant authorities (e.g. SC, BNM) and Self-Regulatory Organizations (e.g. LIAM, MFPC, NAMLIFA, etc.)Interpretive Notes
A RFP Designee shall request all relevant records and documentation as and when is needed, to satisfy the requirements of the client. The RFP Designee shall respect confidentiality of all information obtained in the performance of his professional services unless otherwise required or permitted by law or in the course of a civil dispute.

Professionalism
RFP Designees shall act with professionalism and shall act in a manner that brings honour and dignity to the profession.Interpretive Notes
A RFP Designee shall behave in an honest and courteous manner towards all persons in business relationships and shall enhance the standing of the profession in the community in which he or she serves.

Diligence
RFP Designees shall be diligent in discharging responsibilities to clients and the public and shall render such services promptly, carefully, and thoroughly.Interpretive Notes
The RFP Designee is expected to diligently plan and supervise any professional activity for which he or she is responsible in an adequate and comprehensive manner.

Professional Undertakings
RFP Designees shall only undertake tasks for which they have the proper experience, knowledge, skills, competence and authorization.Interpretive Notes
A RFP Designee shall only undertake business related to his business within the limits of his competence and authorization. RFP Designees must recognize circumstances where knowledge and competence are not sufficient to the task and inform the client of such deficiencies, and where appropriate, recommend to the client the professional who is qualified to complete the task.

Charges, Fees and Costs
RFP Designees shall declare all charges, fees and costs arrangements with clients prior to entering into a contract of engagement.Interpretive Notes
A RFP Designee shall make known to the client and explain to him the basis of charges, fees and or other remuneration related to services performed on behalf of the client.